When it comes to discussing bankruptcy consequences, what we often find is that people instantly turn to talk of credit ratings and publicly accessible information. These are, of course, very valid bankruptcy consequences and some that should absolutely be considered before making the decision to file. However, what about the bankruptcy consequences that are far less practical and a little more emotional.
One problem you could potentially face when declaring bankruptcy is opposition or disapproval of friends and family. This is often the case when you have older parents of a generation in which few used credit and most lived within their means. There is a certain stigma attached to bankruptcy and those who have been declared bankrupt are often looked upon as financially irresponsible or, even worse, as the type of person who wants to spend, spend, spend and then avoid the consequences of this by declaring bankruptcy.
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The social stigma of bankruptcy can often mean that parents might feel even slightly ashamed of you. And even when you have discussed your case with an attorney in detail, and you have work out your income and outgoings and cut back on everything you possibly can... even when you have done all that and have still been advised by legal professionals that bankruptcy is the best way to go, your family may well just not understand.
Nobody likes to have to declare bankruptcy, for whatever reason. However, it is a fact that some people simply do not understand it and there is a real stigma to contend with in being someone who was made bankrupt. This is one of the bankruptcy consequences that can cause strain in your family life and you should absolutely ensure that you have considered it fully before jumping into a decision about filing for bankruptcy.
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